论融资租赁资产证 券化在我国发展-金融学专业论文.docxVIP

摘 要 融资租赁，是一个典型的资金密集型产业，融资租赁公司对资金的需求量大， 而且资产回收周期一般较长。但现阶段，我国融资租赁公司普遍面临“融资难” 的困境，体现在融资渠道单一、资金成本高、投融资期限错配等方面，严重制约 了融资租赁行业的发展。 为此，国内融资租赁公司积极探索破解之道，而租赁资产证券化就是一项新 的融资途径。租赁资产证券化，是把租赁债权通过结构型重组，使之成为可以在 证券市场流通的证券产品，从而使得租赁公司回收资金、证券投资者获取收益的 过程。租赁资产证券化对于租赁公司不仅仅只有融资功能，还有着优化资本结构、 降低经营风险等作用。目前，我国已有租赁资产证券化的相关实践，但是数量很 少、投入资产规模较小，尚属于初创阶段。租赁资产证券化的进一步发展，既面 临租赁公司自身条件的约束，更面临着外部环境中包括法律法规、审批制度、信 用制度等方面带来的障碍。 为此，本文详细分析了租赁资产证券化发展的必要性、可行性及障碍性条件， 认为其进一步发展需要资产证券化参与各方发挥合力作用。结合我国已有的租赁 资产证券化实践和市场、法制环境，从融资租赁公司自身探索和资产证券化外部 市场环境优化两个角度，提出了我国融资租赁资产证券化的政策建议。 关键词：融资租赁，资产证券化，破产隔离，信用增级 I Abstract Finance lease is a typical capital-intensive industry. Finance leasing companies demand large amount of operating funds, and their asset recovery cycle is generally long. At this stage, Chinas financial leasing companies are facing ‘ financing difficulties’dilemma, reflected in the financing channels for a single, high cost of capital, investment and financing and other aspects of maturity mismatches, which seriously hampered the development of financial leasing industry. Leased asset securitization has proven itself to be an effective way to finance leasing companies. Leased asset securitization is issuing Lease asset-backed securities after restructuring the leasing debts. The role of the leased asset securitization financing for the leasing company is not the only function, as well as the optimization of the capital structure, reduce business risks. At present, a number of leased asset securitization practices have been made, but all of them were backed by a small number of assets and still belonged to the start-up phase. Further development of the leased assetsecuritization not only has constraints which come from the leasing companies themselves, but also faces obstacles in the external environment, including aspects of relevant laws and regulations, examination and approval system, credit system, etc. In this paper, a detailed analysis of the necessity, feasibility and obstacles of the development of the lea